Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-09-08
YUENGLING A GOOD FELLOW.
400 Many Friends 10 Shsre what
the Big Brewery MADE.

tHt DIX bEthtEJ
New York SUM-
The rumors concerning the financial
embarrassment Of the brewer David q.
YueDgling, Jr., took definite shape yes
terday, when papers were filed in the
county clerks Office in an action
brought by William Belden, the special
partner in the concern, against Mr..
Yuengling. Mr.. Belden, who is the
well-known stock operator and former
partner of James Fisk, Jr., asked the
Court on Saturday for the appointment
OF receiver, for the dissolution of the
partnership, and for an injunction re-
straining Mr.. Yuengling from inter
fering in the conduct of the business
until settlement is made. BY agree
ment Judge Donohue appointed Rich
ard S. Newcombe and John S. Graber
receivers. hlr. Newcombe represents
Mir. Yuengling and Mr.. GRADER Mr.
Belden.
In his affidavit Mr.. Belden says that
he went into partnership with Mr..
Yuengling on July 13, 1885, the agree
ment to continue for three years BY
its terms Mr. Yuengling agreed to de-
vote all his time and skill to the bust
ness, and not without the written con-
sent of Mr.. Belden in any manner use
any Of the funds or property of the
partnership ont OF the regular and
legitimate business of the partnership,
or endorse any notes or other obliga-
tions, or incur any liability, or become
security or bail for any one otherwise
than in the proper and legitimate busi-
ness Of the partnership.
Ills agreement, Mr. Belden says,
his partner has violated Ivy neglecting
the business, interesting himself in
other business, and using the money
of the concern other than IN proper
and legitimate manner. This, Mr.
Belden says, has greatly impaired the
credit of the firm, and Mr.. Yuengling
has recently become insolyent.
Ii appears by the partnership agree
ment that in 1885 Yuenglings brewery
property was estimated to be worth
Il. l.2l7,ll1.44 in the aggregate, and
that Yuengling had debts not exceeding
in the aggregate, exclusive of his in-
debtedncss to Belden, S6l9, 2Sl.Sj. IL
Was agreed, therefore, that Mr.. Yueng-
l.ng's interest be considered worth
S3O3, 600 in capital. Mr.. Belden was
to put in 500, coo cash. Itwas learned
Yesterday that Mr. Belden did not put
in S2Gf, 600 cash, but that Mr.. Yueng-
ling owed MIR. Belden that amount at
the time, and that the debt was simply
cancelled.
BY M arrangement between them
Mr.. Hucngling, who was to be the
active manager Of the concern, was to
draw out SO, eco a year for " obtaining
and retaining the trade, rs he deemed
best" This, il was explained yester-
day, was to be spent, as Mr. Auengllng
well knew how to spend it, in booming
the business, by the discreet exercise
Of good fellowship, and SO forth. Mr..
Yuengling was to draw S3, 600 n mouth
and Mr.. Belden 81, 800 for profits for
individual use.
The present crisis OF the firm was
procipitated by the protest of Mr..
Yuengling's notes. The firm has been
doing business Of million or 50
year on 10 capital to speak OF, and so
has had an immense amount OF paper
floating. According to Mr. Untermey-
er, of Suggenheimer & Untermeyer,
attorneys for Mr.. Yuengling, Mr..
Belden, though claiming to be only a
special partner and liable only for the
amount Of the capital he invested, has
made himself under the law a general
partner, liable for all debts, by having
been actively engaged in the business
Of the brewery. Mr.. Belden, it is said,
has been kept busy in placing the
firms paper and keeping things straight
with the banks. Recently Mr.. Belden
discovered, according TO Mr.. Belden's
lawyer. that Mr.. Yuengling, who en-
dorsed all paper, had individual deal
ings at the banks where the firms ac-
counts were. This led Mr.. Belden to
discontinue his efforts, and a large
amount Of YueDgling's paper went to
protest.
Mr.. Yuengling thereupon brought
suit in the Superior Court last Thurs
day tor the appointment of receiver,
but as it was impossible TO agree on a
receiver it was agreed to allow Mr.. Bel
den to bring his action, with the un-
derstanding that two receivers should
be appointed, one representing each
| partner.
Mr.. Yuengling. who was at Saratoga
last week, attending TO suit there
against the firm, returned TO the city
on Monday, and was at the brewery
with Mr.. Belden yesterday morning.
Mr.. Grsver, the receiver representing
Mr. Belden. said that he was as yet un-
certain as 10 the precise amount OF Mr..
Yuengling's individual paper, which
had got mixed up with the firms paper.
he said that Mr.. Yuenglings troubles
we're due largely to the inordinate
largeness of his heart and his disposi-
ton to be good fellow.
Mr.. Yuengling had made some gor-
geous improvements at his brewery,
too-said to have cost 800, ,00O-and
his generosity in giving entertainments
at the brewery has often been admired.
He made friends he failed to make
money. 1t is also said that he has en-
dorsed too much paper as an accommo-
dation 10 friends. lie was Rex of the
New York Carnival.
The liabilities of the concern will
amount to over SS00,00O. II settle.
ment can be made so that the good will
Of the business can be retained, the as
| sets will much more than cover the LA